Asian markets mostly lower after US data

HONG KONG: Asian markets were mostly lower on Tuesday following a weak set of data out of the United States that added to recent concerns about the global economy.

The losses came despite a positive lead from Wall Street, which saw the downbeat US figures as a counterweight to talk that the Federal Reserve will start reeling in its monetary easing.

Tokyo was 0.35 percent lower by the break, Hong Kong fell 0.26 percent, Sydney was down 0.19 percent, Seoul lost 0.19 percent.

In Shanghai shares fell again, losing 0.30 percent, after HSBC released the results of a survey showing manufacturing activity in the world's number two economy shrank in May.

In Washington the Institute for Supply Management's purchasing managers index (PMI) on US manufacturing slumped into negative territory in May, for the first time since November.

Also, the Commerce Department said construction spending in April rose 0.4 percent, less than half of the increase expected.

The news put pressure on the dollar, which had earlier in the day fallen back below the 100 yen level.

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Dollar slips in Asian trade after US rally

TOKYO: The dollar lost ground in early Asian trade on Wednesday after flying on fresh data that showed US consumer confidence and home prices were on the rise.

The figures are the latest evidence that the world's biggest economy could be mounting a recovery, paving the way for the US Federal Reserve to roll back its huge bond-buying programme known as quantitative easing.

Dollar trade has been influenced by differing views over comments from Fed chairman Ben Bernanke last week, although dealers generally viewed the central bank chief as saying the Fed needed to see a few months' more data before it would tighten policy.

In Tokyo morning trade, the dollar bought 102.14 yen, slipping from 102.32 yen in New York late Tuesday.

"The dollar is becoming the main driver of the (dollar/yen) pair and focus will increasingly be on the Fed's stance toward its bond buying and indicators like US jobs data," Kengo Suzuki, forex strategist at Mizuho Securities, told Dow Jones Newswires.

The greenback jumped Tuesday following the release of the S&P/Case-Shiller report on March US housing prices, showing they were up 10.9 percent in over March 2012, the largest year-on-year increase since April 2006.

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Asian stocks mixed after upbeat US data

HONG KONG: Asian shares were mixed Wednesday after upbeat US economic data sent Wall Street soaring to a fresh all-time high and pushed the greenback to notch up strong gains against the yen.

Trading remained volatile in Tokyo, with the Nikkei swinging between positive and negative territory before edging up 0.10 percent by noon.

Japanese stocks have made sharp intraday movements since the index plunged 7.3 percent last Thursday as investors rushed to book profits after poor Chinese manufacturing data.

In other markets, Hong Kong was down 0.71 percent, Seoul was up 0.54 percent, Shanghai gained 0.18 percent while Sydney traded flat.

In post-holiday New York trading the Dow Jones Industrial Average closed up 0.69 percent at 15,409.39, a new all-time high on strong gains in US home prices and consumer confidence.

The widely watched S&P/Case-Shiller index of US home prices showed the price of a home in the 20 largest cities rose 10.9 percent in the year to March, the largest year-on-year increase since 2006.

Consumer confidence in the US -- a key barometer of the health of the world's largest economy -- surged to 76.2 in May, up from 69.0 in April, hitting the highest level since February 2008.

Stocks were also boosted by indications of continued monetary policy support, with some market watchers expressing confidence that the US Federal Reserve would maintain its bond-buying program.

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Dollar under pressure in Asia after mixed data

TOKYO: The dollar was mixed in Asian trading on Monday as it faced pressure from data that showed US consumer spending was down in April although shoppers' confidence climbed.

The greenback gained on the yen as Tokyo's Nikkei 225 stock index pared back some of its early losses. The index is closely linked with the yen as the currency's value affects the profitability of Japanese exporters.

Credit Agricole said dollar strength was likely to continue.

"We expect USD/JPY downside to be increasingly limited and stick to the view that the pair will ultimately resume its uptrend," it said.

In Tokyo morning trade, the dollar bought 100.67 yen, gaining from 100.37 yen in New York late Friday, while the euro was also stronger against the Japanese currency at 130.89 yen from 130.44 yen last week.

Against the dollar, the European single currency was slightly stronger at $1.3004, from $1.2996 in US trading.

On Friday, the US Commerce Department reported that consumer spending dropped by 0.2 percent in April, the first monthly fall since May 2012 and a signal that growth slowed at the beginning of the second quarter.

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Seven hurt after blast at school in New York

NEW YORK: Seven people, including two students, were injured Tuesday in an apparent accidental gas explosion at a college north of New York City, authorities said.

"There were seven injuries. All of them minor injuries. They were transferred to the hospital to be checked out," a police spokesman told AFP about the blast at Nyack College.

He said the cause of the explosion was unknown but that "they believe there was a natural gas line" problem.

The school said the blast hit at about 1545 GMT "in Sky Island Lodge, a building that houses the School of Business and Leadership, on the Rockland County campus.

There was no fire associated with the explosion." "Five employees and two adult students were in the building at the time and all are accounted for.

There were injuries, but no fatalities. All individuals were taken to the hospital for examination as a precautionary measure."

The school, founded in 1882, is a private Christian institution.

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Turkey protesters defiant after government apology

ISTANBUL: Fresh violence erupted early Wednesday as protesters defied a government plea to end days of deadly unrest, the biggest challenge yet to Prime Minister Recep Tayyip Erdogan's decade-long rule.

Police used tear gas and water cannon on hundreds of protesters, who ignored warnings to disperse in Istanbul, Ankara and the southeastern city of Hatay, where a young protester died a day earlier.

The violence came after a second major trade union confederation announced it would join protests against the government, calling a strike for Wednesday.

In the western city of Izmir, police detained at least 25 people early Wednesday for tweeting "misleading and libellous information", state-run Anatolia news agency reported.

On Tuesday, Deputy Prime Minister Bulent Arinc apologised to legitimate demonstrators injured by the security forces, a gesture welcomed by the United States.

But that did not appease outraged protestors.

Thousands gathered at Istanbul's Taksim Square for a sixth day Wednesday, yelling defiance at Erdogan, who earlier had dismissed the protesters as "extremists" and "vandals". He was in Algeria on the second day of a four-day official visit to north Africa.

"The vandals are here! Where is Tayyip?" yelled the crowd.

They accuse Erdogan, who has won three successive national elections, of imposing conservative Islamic reforms on the predominantly Muslim but constitutionally secular nation.

But the festive atmosphere in the square was a change from the tense rallies of the previous five days. Turkish pipe music and singing blared over speakers as the crowd clapped along.

Even fans from rival football teams Galatasaray, Besiktas and Fenerbahce linked arms, united in protest.

The wave of protests broke out on Friday after police tear-gassed demonstrators at a peaceful rally against plans to build on an Istanbul park.

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Thousands evacuated after fire in Moscow metro

MOSCOW: Thousands of commuters were evacuated from the Moscow metro on Wednesday after a high-voltage electric cable caught fire, filling station platforms with smoke at the height of the rush hour, emergency officials said.

The emergencies ministry said around 4,500 people were evacuated after the fire broke out in a tunnel between the Okhotny Ryad and Biblioteka Imeni Lenina (Lenin Library) stations close to the Kremlin at around 8:20 am (0420 GMT).

Russian television showed pictures of smoke filling the Okhotny Ryad station, one of the system's oldest, which has exits close to the Kremlin and the Bolshoi Theatre.

The fire was extinguished in just over 40 minutes. A total of 45 people sought medical attention and seven were hospitalised, a spokesman for the emergencies ministry, Viktor Biryukov, told the RIA Novosti news agency.

The health ministry said that those hospitalised were suffering from smoke inhalation, while some of those who asked for medical help were suffering "from a serious reaction to stress."

The head of the Moscow metro system, Ivan Besedin, told the Interfax news agency that the fire started in a "complicated technical junction linked to the contact rail."

The metro line affected was shut down but was set to reopen by 1:30 pm (0930 GMT).

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Business Property Insurance Crucial After A Disaster

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Lindsay Lohan denies hitting nightclub after cutting plea deal

By Kat Giantis

Judging by her heavy-lidded appearance in court on Monday morning, Lindsay Lohan could really use a good night's sleep. But that would be the adult thing to do, and as we've learned, the last thing LiLo likes to do is act like a grown-up.

TMZ says that mere hours after the recidivist starlet, 26, accepted a plea deal that will cost her 90 days in a lockdown rehab facility, she headed to a Los Angeles hot spot.

Paparazzi photographed a person identified as Lindsay sitting in the back of an SUV outside AV nightclub. She reportedly spent several minutes ducking the judgmental glare of the cameras by hiding under a blanket. TMZ says she eventually gave up, and the vehicle drove away without anyone exiting.

But Lohan, who has long and storied history of deflecting responsibility for her actions, insists that she wasn't the one undercover in an SUV emblazoned with the logo of her patron-slash-private plane provider, energy drink mogul Mr. Pink.

"Guys relax, that was NOT me at A/V or in the Mr. Pink SUV," she tweeted on Tuesday afternoon. "I'm taking this seriously and focused on the road ahead."

Linds insists that contrary to all laws of nature, she "stayed in last night, after a pretty long day...and ordered sushi to my hotel. … Don't believe EVERY little thing you hear, unless you hear it from me. The support I have gotten has been great and means alot."

Click on for LiLo's many sad, sleepy faces in court ...

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'Fashion Star' Sneak Peek: Daniel and Johana Must Work Together After Disagreement (Exclusive Video)

From left: mentors Jessica Simpson, John Varvatos and Nicole Richie

Nicole Richie probably didn't realize she'd have to play mediator -- in addition to mentor -- on this season of Fashion Star.

In Friday night's episode of the NBC design competition, the remaining competitors are challenged to work in pairs to create one single look together. To up the stakes, the pair with the highest total sales will be given immunity.

STORY: 'Fashion Star': EP Ben Silverman, Host Louise Roe Spill Secrets on Season 2 Revamp

Unfortunately for Daniel Silverstein and Johana Hernandez -- Richie's two remaining team members -- the twist means that they are forced to work together on the heels of a disagreement the week before.

As seen in this clip, which is exclusive to The Hollywood Reporter, Richie is forced to mediate between the two.

"I think to me sometimes you come off, you're very just about what you want to do and you're not open to hearing people," Johana tells Daniel.

"I actually feel exactly the same about you," he retorts.

Fashion Star airs at 8 p.m. Fridays on NBC.

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Cory Monteith Gets Support From Glee Co-Stars After Entering Rehab

First Published: April 1, 2013 1:12 PM EDT Credit: Getty Premium

Caption Lea Michele and Cory Monteith attend the 19th Annual Screen Actors Guild Awards on January 27, 2013 in Los Angeles LOS ANGELES, Calif. -- Cory Monteith has the support of his “Glee” co-stars and crew following his announcement that he checked into rehab for substance addiction.

“I love and support Cory and will stand by him through this,” girlfriend and co-star Lea Michele told People. “I am grateful and proud he made this decision.”

“Glee” creator Ryan Murphy Tweeted, “I am so proud of Cory Monteith and love and support him 100%.”

PHOTOS: Celebs Who Have Been In Rehab

Dot Marie Jones wrote on Twitter, “@CoryMonteith SWEETEST MAN SO PROUD OF YOU TAKING CARE OF YOU. WE ARE AND WILL ALWAYS BE HERE FOR YOU. I LOVE YOU ALWAYS, STAY STRONG… U NEVER KNOW WHAT SOMEONE IS DEALING WITH IN THEIR PERSONAL LIFE, DON’T PASS JUDGMENT AND LOVE AND SUPPORT IT’S WHAT I BELIEVE IT WHAT I DO.”

Also “Glee” co-star John Stamos reTweeted, “Retweet if you wish Cory a quick recovery!!!”

PHOTOS: ‘Glee’ Leading Man Cory Monteith

In August 2011, Monteith, 30, opened up to Access Hollywood about his past struggle with drinking and drugs at the age of 19 and explained why he decided to speak out about his addiction battle.

“It’s important for me to kind of provide an example [and] lead by example and kind of use my experience to inspire others,” he told Access at the time “Maybe if someone else reads that and sees someone struggling with some of the same issues they’re having trouble with [and] made it through [that] it’s possible to make it through.”

WATCH: Cory Monteith: How Will Glee Evolve In Season 4?

-- Jesse Spero

Copyright 2013 by NBC Universal, Inc. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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